Customer-Centric Practices and Customer Satisfaction in Banking and Non-Banking Financial Institutions in Madurai District

Abstract

Financial institutions seeking to enhance service quality, customer satisfaction, and long-term customer relationships, customer-centricity has emerged as a crucial strategy. The present study examines customer-centric practices in banking and non-banking financial institutions in Madurai District and their impact on customer satisfaction. Personalized services, responsiveness, digital banking options, accessibility, complaint resolution, communication, transparency, and relationship management are among the key aspects of customer-centricity examined in the study. A structured questionnaire is used to collect primary data from customers of selected banks and non-banking financial institutions. The study analyses customer perceptions and satisfaction levels using descriptive and inferential statistical methods. The analysis considers the extent to which customer-centric practices enhance customer loyalty and service experiences. Additionally, the study examines differences in customers’ perceptions of banking and non-banking financial institutions. It is anticipated that the findings will provide insights into the factors influencing customer satisfaction in the financial services industry and the effectiveness of customer-centric practices. The study emphasizes the importance of integrating technology with personalized customer care, ensuring the prompt resolution of complaints, and enhancing customer relationships. To improve customer satisfaction, customer retention, and competitive performance in Madurai District, banking, non-banking finance institutions & all stakeholders may find the findings useful in developing effective customer-centric initiatives.